The good news on this Friday is that Dr. Doom, better known as world-renowned economist Dr. Nouriel Roubini, is not as negative on housing as he was when he predicted all the real doom that surfaced in 2008.
But he's not exactly dancing in the streets either.
Instead, in a Bloomberg video interview with Roubini, the famed economics professor is both positive and negative about the nascent housing recovery.
"I do believe there is a housing recovery," Roubini said. "But those who are more optimistic about it are going to be proven wrong next year."
So there you have it from Dr. Doom himself. It's okay to be optimistic about the housing industry, but not overly so.
And why is that exactly?
Well, at the market's peak, housing contributed 6% to the nation's gross domestic product, and now it contributes only 2%, Roubini explained. And, he doesn't expect that to change too much in 2013.
The shadow inventory also is irking the economics professor. Roubini said 2.2 million homes are tied to the banks and that's not counting the large amount of inventory that could eventually make its way through the pipeline.
To see Roubini's comments, scroll to the 4-minute mark on the video below.